Glossary of Real Estate Terms (co-co)

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Conservator

• A court-appointed guardian.
  

Consideration

• Anything that is legal, has value and induces a person to enter into a contract.
  

Construction budget

• The funding that an owner arranges for the construction of a project.
  

Construction documents

• Drawings and specifications from an architect that provide detailed requirements for the construction of a project.
  

Construction loan

• Short-term loans a lender makes for the construction of homes and buildings. The lender disburses the funds in stages.
  

Construction to permanent loan

• The conversion of a construction loan to a longer-term traditional mortgage after construction has been completed.
  

Consumer Credit Counseling Service (CCCS)

• A nationwide, nonprofit organization that helps consumers get out of debt and improve their credit profile. National headquarters: 8701 Georgia Avenue., Suite 507, Silver Springs, MD 20910. Phone: (800) 388-2227.
  

Contemporary style

• A design that features streamlined shapes, large unadorned windows and industrial materials.
  

Contiguous lots

• Pieces of property that are adjoined.
  

Contingency

• A condition specified in a purchase contract, such as a satisfactory home inspection.
  

Contingency listing

• A property listing with a special condition attached.
  

Contingent fee

• A fee that must be paid if a certain event occurs.
  

Contract

• An agreement between two or more parties that creates or modifies an existing relationship.
  

Contract for deed

• A contract in which the seller agrees to defer all or part of the purchase price for a specified period of time.
  

Contract to purchase

• A contract the buyer initiates which details the purchase price and conditions of the transaction and is accepted by the seller. Also known as an agreement of sale.
  

Contractor

• The individual who contracts for the construction of a home or project.
  

Contractual lien

• A voluntary obligation such as a mortgage or trust deed.
  

Controlled growth

• Any restrictions imposed on the amount or type of new development in an area.
  

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